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...All three senators are from states where the United Steelworkers union has a large presence....
...The American steel industry has become a political issue in the 2024 presidential election after Nippon Steel last year launched a $14.9bn takeover of US Steel, headquartered in Pittsburgh, a city in the...
...The traders said that Indian-owned Tata Steel UK, Britain’s largest steelmaker, had imported large amounts of hot-rolled coil, a benchmark product used to make pipes and other steel structures, from India...
...Yet when President Joe Biden visited on Wednesday, his only stop was to the headquarters of the United Steelworkers....
...“From soil to coil”, its mined ore progresses via rubber pipes, red-hot blast furnaces, molten channels and railways to emerge as coiled steel....
...Investors cheered, with shares in US Steel rising 26.1 per cent the day it was announced. But the merger is opposed by the United Steelworkers labour union....
...“Allowing one of our nation’s largest steel manufacturers to be purchased by a foreign-owned corporation leaves us vulnerable when it comes to meeting both our defence and critical infrastructure needs,”...
...Following talks with Nippon Steel last week, the United Steelworkers said the meeting yielded “no progress”....
...Steel has none of the sensitivities of high-tech social media; US Steel is not a direct supplier to the military....
...The United Steelworkers labour union, which represents more than 1mn workers, preferred a domestic bidder, Cleveland Cliffs, during the 2023 US Steel auction....
...Nippon Steel is not a member....
...On Monday, the Pittsburgh icon US Steel announced it had reached a deal to sell itself to Japan’s Nippon Steel at a total enterprise value of $15bn....
...Exhibit A: Nippon Steel’s $14.9bn takeover offer for US Steel....
...A Cleveland-Cliffs/US Steel combination would have created a US national champion....
...Since Nippon Steel agreed to buy US Steel for $14.9bn in mid-December, the deal has faced a bipartisan backlash in Washington against the sale of a US manufacturing icon to a foreign entity....
...The deal drew a furious response from the United Steelworkers union, which said that neither US Steel nor Nippon Steel had consulted it....
...“[Cfius] can and should block the acquisition of US Steel by NSC, a company whose allegiances clearly lie with a foreign state and whose record in the United States is deeply flawed,” wrote JD Vance of Ohio...
...Activist investor Cevian Capital has taken a €1.2bn stake in UBS, and Nippon Steel has agreed to buy US Steel in a $14.9bn deal....
...The emergency pipes, which have so far escaped monitoring, are separate to thousands of combined sewage overflow pipes, which are only meant to release sewage during extreme rainfall and are designed to...
...Jon Fetterman, a Democratic senator from Pennsylvania, has also vowed to stop a sale. The Japanese company has agreed to pay $55 a share for US Steel....
...She is also set on Wednesday to unveil a probe into unfair practices in the Chinese shipbuilding industry, following a petition from United Steelworkers....
...In a meeting with United Steelworkers union members in Pittsburgh later today, Biden will call on trade representative Katherine Tai to triple the tariff on the imports from the current average of 7.5 per...
...Joe Biden is preparing to oppose Nippon Steel’s proposed $14.9bn purchase of US Steel, a move that is likely to upset one of Washington’s closest allies but delight key voters in the rustbelt....
...“[Cfius] can and should block the acquisition of US Steel by NSC, a company whose allegiances clearly lie with a foreign state and whose record in the United States is deeply flawed,” the senators wrote....
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